Looks like Rob and Ian Balls Canadian Gold Corps just got a little deeper and higher grades.
$STRRF-Phase 1 Exploration & Development Update at Tartan Mine
Toronto, Ontario – September 27, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce additional drill results from its Phase 1 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba, which builds on the earlier drill holes that are targeting resource growth at depth (click here August 23, 2023 news release). The results to date indicate the potential for a larger discovery below the current resource estimate, which remains open for meaningful expansion. The Company is also providing an update on its regional field work at the Tartan Mine, where high-grade gold samples have been identified approximately 1.4 kilometres (km) from the mine, with the goal of discovering a third zone close to the existing infrastructure, and an update on its engineering review, specifically around the process plant design and potential mine reopening.
“Phase 1 drilling at the Tartan Mine has extended the vertical limits of the high-grade gold mineralization well beyond our expectations. Between our exploration success and engineering advancements, we are potentially seeing the restart of a profitable mining operation. We also feel it’s possible to better target the high-grade now that we have an understanding of the rock conditions at depth. We will do this by using directional drilling going forward. Our Phase 2 drill program will look to 1) materially expand the limits of the known mineralization once again in order to determine if the new intercepts represent a significant discovery at depth and 2) better define the high-grade zones, particularly in the Hanging Wall (“HWZ”). We have a drill onsite and expect to commence Phase 2 drilling very shortly,” stated Ian Ball, Interim CEO & President.
Exploration Drilling Tartan Mine
Zone Continues to Widen at Depth with High-Grade Core
Drill results 40 metres above the recent wide interval at depth (Hole TLMZ23-26 4.2 gpt gold over 53.7 metres, including 12.0 gpt gold over 8.0 metres) that materially expanded the limits of the gold mineralization by 325 metres vertically, compared to the current resource estimate (Fig. 1), confirmed that the Main Zone is widening below 800 metres, while containing a higher-grade core, returning 6.8 gpt over 4.0 metres within 2.5 gpt gold over 28.5 metres. The results also demonstrate that the Main Zone is no longer plunging steeply to the northwest as predicted, but is becoming vertical (Fig. 1). This new understanding will help the geological team better target extensions at depth during Phase 2.
Drilling 50 metres west of hole TLMZ21-01 (9.7 gpt gold over 4.2 metres completed in 2021) successfully expanded the Main Zone in that direction, returning 6.6 gpt gold over 6.0 metres. This hole is approximately 160 metres below the current limits of the resource estimate (Fig. 1) and returned grades higher than the current estimate over better widths, helping build confidence around the continuity of gold mineralization for future mine planning purposes. This hole was originally intended to expand the high-grade in hole TLMZ21-12 (23.8 gpt gold over 12.6 metres, including 47.6 gpt gold over 5.8 metres completed in 2021), but due to excess deviation while drilling, the ultimate target area had to be changed. The Company intends to correct deviation issues during Phase 2 by using directional drilling equipment that is able to better target the intended area.
The Company is currently planning for its Phase 2 drill program, which is scheduled to start shortly. With aid of directional drilling, the Company will initially target extensions of the known high-grade and disseminated gold mineralization below and adjacent to holes TLMZ21-12 and TLMZ23-26 discussed above (Fig. 1). This drilling will continue to test the limits of the orebody in order to establish the overall size of the Main Zone for potential mine planning purposes.
Tartan Mine Regional Exploration
High Priority Area Identified 1.4 KM From Underground Infrastructure
Field work near the Tartan Mine has identified multiple zones of mineralization on surface with new assays up to 13.0 gpt gold(Fig. 2). The focus to date has been around the mine area in order to potentially utilize the underground infrastructure (which would lower start-up costs) should a new discovery be made. The high-grade sample taken at the Tailings Pond Zone (TPZ) is located 1.4 km from the Tartan Mine. The TPZ occurs 900 metres east and along the same structure as the Southeast Zone, with surface samples up to 6.2 gpt gold. Also of importance is the newly discovered Sly Fox West Zone, occurring 3 km west of the Tartan Mine. At this location a shear zone with semi-massive sulphide was identified along the same structure that hosts the Tartan Mine. The zone has been traced over 400 metres along strike and appears to range from 4 to 10 metres in thickness. Regional fieldwork is ongoing, and exploration is planned along both structures further east where they remain open. There are currently 78 samples pending.
Development Update – Gold Recovery Test Work Review
Objective: Increase Gold Recoveries, Lower Costs and Risks
The Tartan Mine benefits from good road access, renewable electric power that comes to site, and significant underground infrastructure. During the past six months, the Company has been reviewing the original process plant design and potential alternatives in order to maximize gold recoveries, and reduce operating costs and technical risks. During the 3 years that the mine operated, gold recoveries averaged 76.4%. An average of 85% gold recovery was achieved during the final year of production with some months being greater than 90%. It is the Company’s belief that new, simplified mill design (crushing, grinding, gravity concentration followed by whole ore leaching), should be able to increase recoveries to low-mid 90%, while decreasing the cost per ounce and lowering the technical risk based on grind sizes that are considered coarse (300 and 150 um K80 primary grind). The Company intends to do further testing using this simplified design to see if the projected gold recoveries can be further increased using a finer grind size, likely feasible due the low electricity costs within Manitoba. The Company will also be evaluating the permitting requirements in order to switch process plant designs and to undertake underwater drone mapping to determine the condition of the underground infrastructure. This will help the Company estimate potential costs associated with dewatering and refurbishing for potential development.
Table 1. Drill Highlights Below 2017 Resource Estimate (525 Metre Limit)
continues here .... good stuff !
Tina Turner performs "River Deep - Mountain High" at the 1989 Hall of Fame Induction Ceremony
$MUX Thanks Tred Precious Metals Summit Beaver Creek 2023
Sep 19, 2023
2023 Precious Metals Summit Beaver Creek. Rob McEwen, Chairman and Chief Owner, and Michael Meding, VP & GM McEwen Copper, presentation on McEwen Mining and McEwen Copper.
.........Go McEwen Copper.........
Pretty frickin cool video JD. Thanks for keeping things in perspective from 30,000 ft. Sometimes I get too close and cant see the forest for the trees.
Good advice and Im doing the same.
Jesse had some good gold info today
here in the land of lawlessness ..
The Empire of Lawlessness
with MMGYS soundtrack
"Gold has worked down from Alexander's time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory."
"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it."
Eddie George, Governor Bank of England, conversation with CEO of Lonmin plc citred in Reg Howe v. BIS, JPM et al. September 1999
"What we see at present is a battle between the central banks and the collapse of the financial system fought on two fronts. On one front, the central banks preside over the creation of additional liquidity for the financial system in order to hold back the tide of debt defaults that would otherwise occur. On the other, they incite investment banks and other willing parties to bet against a rise in the prices of gold, oil, base metals, soft commodities, or anything else that might be deemed an indicator of inherent value."
Peter Warburton, The Debasement of World Currency, April 9, 2001 [gold at $259 per oz.]
"Synthetic gold, sourced in pyramids of credit extended to bullion bankers by central banks with little or no claim on physical substance, have provided a more efficient, better-camouflaged form of intervention. COMEX synthetic gold and related over-the-counter derivatives are traded in macro strategies implemented by hedge funds, high-frequency trades, and commodity funds. The volumes traded are huge, and bear little resemblance to actual flows of physical metal. Above-ground 400-ounce .995-gold bars located in London, New York, and other financial capitals have steadily dwindled and disappeared into Asian financial centers, reformulated as .9999 kilo bars."
John Hathaway, Tocqueville Gold Newsletter 2Q 2015
"Time is coming when markets search frantically for physical collateral to find that paper far exceeds underlying collateral for several metals and other resources. I am warning that when markets fall in sustained negative response to bursting bubbles, widespread deleveraging will reveal insufficient hard collateral underlying traded asset-backed securities. The words rehypothecation and hyper-rehypothecation may be rediscovered or remembered again."
Harald Malmgren, 2019
Stocks dipped today, but managed to find a bottom and turn around finishing green into the close.
Gold and silver slumped, ahead of the Comex futures options expiration tomorrow.
The US may be approaching another debt limit standoff. The deadline for this latest dark comedy is this Saturday.
The political landscape is discouraging.
"It can't happen here."
Some lessons of history need to be relearned again.
"God has a way of standing before the nations with judgement, and it seems that I can hear God saying to America 'You are too arrogant! If you don't change your ways, I will rise up and break the backbone of your power! And I will place it in the hands of a nation that doesn't even know my name. Be still, and know that I am God.'"
Martin Luther King, 1967
The madness serves none but itself.
Have a pleasant evening.
Thank you Jesse mighty fine write
see more here
I just bought some more in after hours. It does not pay to try and make sense of the market. IMHO the manipulation by the big boys makes it impossible to predict short term moves in anything but he largest cap. I just buy what I deem good companies and hold on.
Constant downward pressure is causing funds(?) and retail to capitulate. I see buying all the way down.
I still believe and there is no way Im selling but I just marvel how this company’s MC is dropping as the balance sheet and forecast improves. It flys in the face of logic but then again, many things today do the same.
Thanks for the video JD400
Where do I fill out my injury claim for whiplash to my neck? Lol, this stock is turning volatile.
Come to papa!
What is the Future of Mining? Rob McEwen and McEwen Mining.
Junior Resource Investing
13 hours ago
Is $MUX Run For The Roses starting now
Just occurred to me that Novembers just months away and the MUX Copper IPO run maybe just starting.
and let me tell you it's gonna be BIG with heavy hitters like Rio Tinto and Stellantis
What do y'all think? You know its going to attract huge opportunities for investors
Could be the chance of a lifetime we all have been waiting for...just saying
Go McEwen Copper......
Welcome to the $MUX board MouseKat
and thanks for the new director news definitely a plus for MUX
Sorry so late but I keep on forgetting the welcome
The miners should do a little better in Q4 if this hot summer ever ends.
The big tickle this week for stocks is likely to be the Non-Farm Payrolls report for August on this Friday, September 1st.
With that said Welcome again and hopefully we will hit a 10 X bagger here
one of my fav mining vids
Looking for 10-baggers? Check Out This Investment Sector
$MUX McEwen, Meding: Gold Due to Move Higher, Copper's Eye-Watering Demand Story
JD I get the feeling one day we are goi gto wake up to a $3-$5 jump and never look back. This stock has been yo-yoing around like its getting a bit nervous.
Fun to watch and I will be adding more here in the .75-.80 range! :)
IMF approves US$7.5 billion for Argentina despite missed targets
Multilateral lender approves massive disbursement, extending a financial lifeline to government ahead of a tight presidential race; Sergio Massa holds talks with Kristalina Georgieva in Washington.
The International Monetary Fund's (IMF) executive board on Wednesday approved a US$7.5-billion disbursement for Argentina, despite the multilateral lender admitting that the government had missed key financial targets.
The agreement combines the fifth and sixth reviews of an existing 30-month, US$44-billion IMF programme, in a move aimed at improving the dire economic situation.
President Alberto Fernández’s government is grappling with a prolonged economic crisis with annual inflation running at more than 113 percent. Last week the Central Bank devalued the peso steeply in response to a turbulent PASO primary election.
Economy Minister Sergio Massa travelled to Washington DC for talks with US government officials, regional lenders and IMF Managing Director Kristalina Georgieva this week, seeking to maximise the financial lifelines available to the country.
"Since completion of the fourth review, key programme targets were missed reflecting the historic drought along with policy slippages," the IMF acknowledged in a statement.
"Against the backdrop of high inflation and rising balance of payments pressures, agreement was reached on a new policy package centred on rebuilding reserves and enhancing fiscal order," it continued.
The Fund also said the board had granted waivers of non-observance for “the introduction of temporary measures that gave rise to introduction or intensification of exchange restrictions and multiple currency practices.”
Modifications to targets for the accumulation of Central Bank reserves, the primary fiscal balance and the monetary financing of deficit targets were also approved.
Wednesday's announcement brings the total disbursements by the IMF to Argentina under the arrangement to around US$36 billion, with the next review scheduled for November, the IMF said.
Massa told reporters Tuesday that he did not expect the upcoming election outcome to affect the November disbursement.
The August disbursement will be used to pay back the IMF from a previous bailout as well as other lenders that helped Argentina make some IMF payments. The government has borrowed special drawing rights from Qatar, tapped a currency swap line with China, and obtained a bridge loan from a Caracas-based development bank.
News of the disbursement’s unanimous approval by the board of the multilateral lender was broken by an aide from Massa’s team. It was later confirmed by the Fund.
Massa, who is also running for as the ruling coalition’s presidential candidate in the October elections, travelled to Washington this week to meet with senior IMF, World Bank and Inter-American Development Bank officials, as the international financial institutions considered separate decisions relating to the country.
On Tuesday, the World Bank approved two new projects for Argentina worth around US$650 million which are targeted at increasing access to financing for climate change mitigation and adaptation, and strengthening existing food programmes.
The projects are aimed at helping Argentina "lay the foundations for more sustainable and resilient growth and improve the efficiency of public services and social protection," Marianne Fay, the World Bank's country director for Argentina, Paraguay and Uruguay, said in a statement announcing the decision.
Propellerheads feat: Miss Shirley Bassey - History Repeating
"“He’s proposing radical changes and I think those are needed.”. I totally agree.
Mixed bag article there JD. Scary times in certain parts of the world. Nationalism cuts both ways.
OAN when do you think capitulation will happen and an inflow into gold will occur? Rob has been talking about it for some time now and it seems like a bad movie where that which is tryi g to be rasped keeps getting a bit further away every attempt. Is the control over stock trading getting too predictive by the big boys? Is it going to take the announcement of an unexpected bonanza strike to draw in big instys?
All the numbers look good, the future runway at MUX looks good and the economy is a fake house of cards…..not sure what else has to be in place to get a sustained increase in MC.
Free marketeer leading Argentine election seen rocking commodities
Bloomberg News | August 14, 2023 | 3:56 pm Battery Metals Intelligence Latin America Copper Lithium Oil & Gas
Javier Gerardo Milei. Credit: World Economic Forum
Javier Milei, a libertarian outsider who’s taken a surprise lead in the race for Argentina’s presidency, would shake up the country’s powerhouse commodity industries like none of his rivals.
Argentina is a top crop and beef exporter, and the world’s fastest-growing lithium producer. It also sits on copper and shale oil and gas riches, and has potential to bring plenty of those resources to global markets.
SIGN UP FOR THE BATTERY METALS DIGEST
Milei would scrap taxes on farm exports, meaning Argentina’s soybeans, corn, wheat and meat gain competitiveness against producers from the US to Australia. Milei has also touted ditching the peso for the US dollar. That would make farmer soy sales — which in Argentina have morphed largely into an unpredictable currency trade — trend more like other countries.
Milei won across swaths of the Pampas farm belt in Cordoba, Santa Fe and La Pampa provinces after pledging that the tax and currency changes would turbo-charge agricultural growth and production.
The free-market ideas “are just the sort we farmers are looking for,” said Ariel Striglio, a crop-grower in Santa Fe.
But Striglio also voiced concern about how Milei, an anti-establishment firebrand, would be able to govern: Getting support in congress to implement radical policies, and finding ways to stop powerful trade-union and social leaders from sabotaging reforms, would likely be his greatest challenge.
While Milei’s campaign manifesto is heavily skewed to farming, it also mentions promoting investments in oil and lithium. But by minimizing state involvement, his approach would upend how Argentina had already been going about that.
Milei, who won by a landslide in oil heartland Neuquen province, would move to re-privatize state-run driller YPF SA, which has spearheaded development of the Vaca Muerta shale patch since being nationalized in 2012.
To spur shale drilling, he’d instead boost competition between domestic refiners and international crude buyers by knocking down export hurdles and un-capping Argentine fuel prices.
Milei has been less clear on lithium, although last year he expressed dismay on social networks at talk of nationalizing the metal, needed for the global energy transition, or meddling in supplies and prices through a pact with South American neighbors.
His devotion to free markets would no doubt mean less direct state support for a local battery industry — relying instead on tax cuts and more lax labor laws to promote value-added manufacturing in Argentina.
Other candidates would be better equipped to maintain the social cohesion needed for investments, according to Michael Meding, who heads the unit of Canadian Rob McEwen’s mining group that’s drilling the Los Azules copper deposit in Argentina. “I don’t see him as a good selection for mining companies,” Meding said.
Still, in a sign of how divisive a figure Milei is, McEwen himself disagreed: “He’s proposing radical changes and I think those are needed.”
(By Jonathan Gilbert, with assistance from James Attwood)
$MUX >>McEwen eyes copper IPO as soon as November for Argentina project
Bloomberg News | August 15, 2023 | 10:18 am Markets Top Companies Canada Latin America Copper
McEwen, Rio Tinto to jointly develop copper project in Nevada
Los Azules copper project in San Juan, Argentina. (Image courtesy of McEwen Mining.)
Canadian mining entrepreneur Rob McEwen said he’s weighing financing options for a copper project in Argentina, with an initial public offering possible as soon as November.
While McEwen Copper Inc. is funded into next year as it drills the Los Azules project, it may go public later in 2023 or early 2024 to bankroll a feasibility study. The IPO could be in the range of $100 million to $150 million, although another private financing round is also an option, McEwen and copper unit chief Michael Meding both said in an interview.
The company hopes to complete the feasibility study late next year or early 2025 and start producing copper toward the end of the decade. Recent investments by automaker Stellantis NV and miner Rio Tinto Group have given the venture more breathing space.
At the same time, McEwen is talking to “various sources” about providing part of the $2.5 billion needed to build the mine, said the founder and former chairman of Goldcorp Inc. Construction financing would probably see McEwen Mining Inc.’s 52% interest in the copper unit “reduced by some degree,” he said.
Read More: Carmaker investment gives McEwen Copper more time to go public (see next post)
The prospect of copper shortages — as demand for the wiring metal accelerates in the energy transition — is boosting the appeal of investing in large-scale deposits. Partly as a result, large producers are taking another look at Argentina after interventionist policies had held back the industry.
Despite an uncertain political situation in the inflation-ravaged nation, McEwen is optimistic about being able to move ahead with Los Azules no matter who is in power. The two executives spoke after outsider congressman Javier Milei pulled off an unexpected primary win that upended this year’s presidential race.
(By James Attwood)
$MUX Copper>>Carmaker investment gives McEwen Copper more time to go public
Bloomberg News | February 28, 2023 | 10:19 am Markets Top Companies Canada Copper
McEwen lines up copper partner as surging prices spur interest
McEwen Mining founder Robert McEwen. Image from archives.
Investments by European automaker Stellantis NV and mining giant Rio Tinto Group are giving Rob McEwen’s copper venture more breathing space before going public.
The Canadian entrepreneur now expects to hold an initial public offering for his namesake copper unit in the second half of the year instead of the first half. That’s after Stellantis and a Rio unit each took a 14.2% stake in McEwen Copper, providing enough funding for its Argentine project until next yea
“It gives us a lot of additional flexibility depending on what the market is doing,” Michael Meding, who leads the unit, said in an interview alongside McEwen while attending an industry event in Florida.
Stellantis’ entry into McEwen Copper’s shareholder register represents the first major equity investment by a carmaker in a copper company, according to McEwen, the founder of Goldcorp Inc.
If the high attendance of auto executives at this week’s BMO Capital Markets mining event is any measure, it won’t be the last. The auto industry is stepping up efforts to secure supplies of the materials needed to move away from fossil fuels. General Motors Co. is said to be vying for a stake in Vale SA’s base metals unit as Tesla Inc. weighs a takeover of Sigma Lithium Corp.
Read more: Tesla, GM among carmakers flocking to mining events amid battery metals scramble
The transaction with Stellantis gives the maker of Peugeot cars and Jeep sport utility vehicles the right to a portion of future production from the Los Azules deposit in Argentina’s San Juan province. If all goes to plan, the project will start producing in 2028, giving Argentina a source of copper cathode for local industries, Meding said. He expects to file for environmental permits in April.
In terms of the size of the copper unit’s IPO, McEwen said it will be determined by capital needs and ensuring enough of a free float for liquid trading. He expects the offering to take parent company McEwen Mining Inc.’s holding in the unit below the 50% threshold.
(By James Attwood)
Good Morning everyone :)
Thanks Tred The machines were busy selling today
they got spooked by the possible Finch downgrade on banks.
Perfect downtape day for them to lock in some profits.
Should the markets continue to sell off like today their prepared to sell a whopping 267 Billion in equities for the rest of the month.
Source: CTA advisor
Thanks JD. Easy to understand that buying more here is near the bottom as Rob pointed out. Let us hope in this AI algorithmic trading age that buying when fear is present is still a good idea and rewarded in the future. Little by little I trust(what little I actually do now) less in the smoke and mirrors.
$MUX McEwen Mining Looks Undervalued And Rob McEwen Explained How He Looks At Valuations In Mining Stocks
Aug 13, 2023
McEwan Mining gives investors excellent exposure to gold mining and a world class copper mine of the future with a modest valuation. Rob McEwan provided insights into how he looks at valuations of mining stocks that is very helpful for investors in the sector.
Thanks JD, I saw that and it was used in the point I made.
McEwen Mining: Q2 2023 Results
August 10, 2023
Download this Press Release PDF Format (opens in new window)
TORONTO, Aug. 10, 2023 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reported its second quarter (Q2) and half year (H1) results for the period ended June 30th, 2023.
“The year started with operational challenges at both Gold Bar and San Jos é . San Jos é appears to have turned the corner and we are confident that the plan in place for Gold Bar will do the same. Fox Complex has delivered another solid quarter and we expect even better results in the second half of the year. We thank our operating teams for their hard work. The story at Los Azules keeps getting better and better! With a strong financing, an updated Preliminary Economic Assessment (PEA) showing robust economics, unparalleled partners in Rio Tinto (through Nuton) and Stellantis, and potentially game changing copper leaching technology, we could see Los Azules provide a model for how the mine of the future should look,” said Rob McEwen, Chairman and Chief Owner.
Second Quarter Highlights and Building Our Future:
Fox Complex: Record daily mill throughput of 1,250 tonnes per day, generating $6 million in cash gross profit in Q2. Sustained higher throughput and improved grade expected to result in stronger production and margins in H2.
San José: Production increased 54% with cash costs/oz declining 24% compared to Q1, as the revised mine plan continues to be executed.
Gold Bar: Higher mining rates and gold grades, together with faster recovery and lower strip ratio from the Pick deposit setting stage for improved production and margins in H2/23 and beyond. Higher costs/oz during Q2 included the additional costs associated with the heap leach pad expansion, which is expected to be completed in Q3.
Fenix Project: We continue to advance towards a formal construction decision. During the quarter, we initiated a sonic drilling campaign, advanced permitting applications and engaged a project manager.
McEwen Copper: PEA for the Los Azules copper project issued in June 2023 with NPV8% of $2.7 Billion and payback period of 3.2 years, assuming a copper price of $3.75/lb. Based on the financing closed in Q1/23, our 52% ownership of McEwen Copper has now an implied value of $285 million, which is equal to 67% of our current market capitalization.
Early retirement of $25 million or 39% of our outstanding debt in Q2; reduction of debt service of $2.2 million annually.
We continued our safety track record of no lost time incidents at our 100% owned operating mines during Q2.
Exploration update across the portfolio to be delivered later in Q3.
Mr. McEwen continued,
continues here >>>> https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2023/McEwen-Mining-Q2-2023-Results/default.aspx
Everything in todays earnings looks like its on track to turn the corner but when is the company actually going to start showing a profit? Cut costs until a profit is shown and then move forward with new projects otherwise shareholders keep getting diluted. My .75 pps is not satisfactory (post reverse split) as a decade ling shareholder.
Thanks tred that one got me right in the heart <3
It's invigorating to see $MUX and other miners respect our environment even through the headwinds of some government front runners claim (we need more global warming.) I know hard to believe but their always seems like a battle over the environment every 4 years. 2024 is one of them.
According to the latest CTA update the machines are loaded for bear !
They will match everybody's buy and buy a little more and at the same time match everybody's sell and sell a little more.
They make more money on the uptape days just like us but sell like crazy on the downtape days to lock in their profits